Banco Santander Launches $850 Million Tender Offer for U.S. Dollar AT1 Securities
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Banco Santander ( (ES:SAN) ) has issued an update.
Banco Santander has launched a cash tender offer of up to $850 million for its outstanding U.S. dollar-denominated 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 securities. The bank will repurchase the Additional Tier 1 instruments at 100.1% of nominal value, cancelling any securities bought back while leaving untendered notes outstanding.
The transaction is designed to streamline Santander’s Tier 1 capital structure and improve its liquidity and debt maturity profile, reinforcing its regulatory capital management strategy. The offer will be funded using proceeds from a concurrent issuance of new Additional Tier 1 securities or available cash, allowing the bank to refresh its AT1 stack without reducing overall capital, with settlement expected on June 11, 2026, subject to market conditions and offer terms.
More about Banco Santander
Banco Santander is a global banking group headquartered in Spain, providing a broad range of retail and commercial banking, corporate and investment banking, and wealth management services. The group has a significant presence in Europe and the Americas, with a focus on consumer and SME lending, capital markets, and digital financial services across its core geographies.
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